ZHENG: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
ZHENG
Largest movements
- Cash -€27,735
down €27,735 (-15.7%), from €177,057 to €149,322
mainly Other debts (-€46,190) and Debts after one year (-€20,165)
- Tangible fixed assets -€22,333
down €22,333 (-21.9%), from €101,921 to €79,587
of which Furniture and vehicles: -€25,614
- Stocks and contracts +€3,011
up €3,011 (+20.1%), from €15,013 to €18,025
- Other debts -€46,190
down €46,190 (-92.1%), from €50,177 to €3,986
- Debts after one year -€20,165
down €20,165 (-42.5%), from €47,406 to €27,241
- Reserves +€19,000
up €19,000 (+306.5%), from €6,200 to €25,200
of which Distributable reserves: +€19,000
- Current portion of long-term debt -€8,528
down €8,528 (-29.7%), from €28,693 to €20,165
- Trade debts +€5,796
up €5,796 (+27.8%), from €20,841 to €26,637
- Gross operating margin +€38,895
up €38,895 (+20.9%), from €186,286 to €225,180
- Staff costs +€17,170
up €17,170 (+11.8%), from €145,729 to €162,899
- Depreciation +€10,706
up €10,706 (+50.4%), from €21,257 to €31,962
- Taxes +€5,375
up €5,375 (+162.8%), from €3,302 to €8,676
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €297,828 | €250,057 | -€47,771 | -16.0% |
| Fixed assets | 21/28 | €102,171 | €79,837 | -€22,333 | -21.9% |
| Tangible fixed assets | 22/27 | €101,921 | €79,587 | -€22,333 | -21.9% |
| Land and buildings | 22 | €1,327 | €6,337 | +€5,010 | +377.5% |
| Plant, machinery and equipment | 23 | €9,871 | €8,141 | -€1,729 | -17.5% |
| Furniture and vehicles | 24 | €90,723 | €65,109 | -€25,614 | -28.2% |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €195,657 | €170,220 | -€25,437 | -13.0% |
| Stocks and contracts in progress | 3 | €15,013 | €18,025 | +€3,011 | +20.1% |
| Stocks | 30/36 | €15,013 | €18,025 | +€3,011 | +20.1% |
| Amounts receivable within one year | 40/41 | €1,190 | €319 | -€871 | -73.2% |
| Other amounts receivable | 41 | €1,190 | €319 | -€871 | -73.2% |
| Cash at bank and in hand | 54/58 | €177,057 | €149,322 | -€27,735 | -15.7% |
| Deferred charges and accrued income | 490/1 | €2,398 | €2,555 | +€157 | +6.5% |
| Total equity and liabilities | 10/49 | €297,828 | €250,057 | -€47,771 | -16.0% |
| Equity | 10/15 | €111,049 | €129,680 | +€18,632 | +16.8% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €6,200 | €25,200 | +€19,000 | +306.5% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | - | €19,000 | +€19,000 | |
| Profit (loss) carried forward | 14 | €42,849 | €42,480 | -€368 | -0.9% |
| Amounts payable | 17/49 | €186,780 | €120,377 | -€66,403 | -35.6% |
| Amounts payable after more than one year | 17 | €47,406 | €27,241 | -€20,165 | -42.5% |
| Financial debts | 170/4 | €47,406 | €27,241 | -€20,165 | -42.5% |
| Amounts payable within one year | 42/48 | €139,374 | €93,136 | -€46,238 | -33.2% |
| Current portion of amounts payable after more than one year | 42 | €28,693 | €20,165 | -€8,528 | -29.7% |
| Trade debts | 44 | €20,841 | €26,637 | +€5,796 | +27.8% |
| Suppliers | 440/4 | €20,841 | €26,637 | +€5,796 | +27.8% |
| Taxes, remuneration and social security | 45 | €39,663 | €42,348 | +€2,685 | +6.8% |
| Taxes | 450/3 | €18,225 | €16,861 | -€1,364 | -7.5% |
| Remuneration and social security | 454/9 | €21,438 | €25,487 | +€4,049 | +18.9% |
| Other amounts payable | 47/48 | €50,177 | €3,986 | -€46,190 | -92.1% |
| Remuneration, social security and pensions | 62 | €145,729 | €162,899 | +€17,170 | +11.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,257 | €31,962 | +€10,706 | +50.4% |
| Other operating charges | 640/8 | - | €50 | +€50 | |
| Gross operating margin | 9900 | €186,286 | €225,180 | +€38,895 | +20.9% |
| Operating profit (loss) | 9901 | €19,300 | €30,269 | +€10,969 | +56.8% |
| Financial income | 75/76B | €893 | €971 | +€79 | +8.8% |
| Recurring financial income | 75 | €893 | €971 | +€79 | +8.8% |
| Financial charges | 65/66B | €804 | €2,267 | +€1,463 | +182.0% |
| Recurring financial charges | 65 | €804 | €2,267 | +€1,463 | +182.0% |
| Profit (loss) for the period before taxes | 9903 | €19,389 | €28,974 | +€9,585 | +49.4% |
| Income taxes | 67/77 | €3,302 | €8,676 | +€5,375 | +162.8% |
| Profit (loss) for the period | 9904 | €16,087 | €20,298 | +€4,211 | +26.2% |
| Profit (loss) for the period to be appropriated | 9905 | €16,087 | €20,298 | +€4,211 | +26.2% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.